Sector movers: Burberry recovers to boost personal goods

Iconic British luxury brand Burberry was among the highest risers on the FTSE 100 on Friday, lifting the personal goods sector to the top of the pile.

Burberry’s shares were trading 2.67% higher at 1,346p at 14.10pm, recovering after the recent sell-off over the past two weeks. On Monday 25 July, shares hit an all-time high of 1,600p but have tumbled by 16% in just ten days of trading.

The sell-off came despite the firm revealing recently (13 July) that underlying sales in the first quarter surged by 34%, driven largely by strong retail growth in China. Total revenue jumped from £282m to £367m in the three months to 30 June.

Meanwhile, real estate investment groups were declining, with blue chips British Land and Capital Shopping Centres.

Shares in property giant British Land fell 4% despite announcing on Thursday that a £1.1bn office development programme in London - that includes the “Cheese Grater” tower currently being built at Leadenhall Street - helped drive its valuations higher in the first quarter. Underlying pre-tax profits in the first quarter were up by 1.6% from the same period the previous year at £65m. The portfolio valuation climbed to £9.9m, a 3.4% rise over six months.

Shopping centre development outfit Capital Shopping Centres was 2.4% under, a day after UBS cut its target price from 405p to 380p due to a lower net asset value (NAV) forecasts and increased uncertainty in the retail market.